commentary-from-monty-guildWe have discussed oil on these letters for many years. We got bullish on oil in these letters on February 11, 2009. At that time we stated that “At some time in the next few months, energy prices should move upward because, although demand is falling, supply is falling fast as well. Global oil production is falling 2-4 % a year in our opinion.” Since that date oil has moved from $35.94/barrel to the current price of $82.66/ barrel.